The Federal Antimonopoly Service (FAS of Russia) pre-approved the acquisition of 25% of Nizhnekamskneftekhim's stock by TAIF, according to the agency's materials.
"TAIF PSC's request for a preliminary approval by FAS of the acquisition of 24.9999% of Nizhnekamskneftekhim PJSC's voting shares has been agreed on", FAS states.
According to the agency's materials, TAIF's share together with the stock held by Telecom Management and TransPort that are part of the same group with TAIF will be 77.7908% of the voting shares of Nizhnekamskneftekhim.
As reported earlier by RNS, on December 21, Tatneft signed the Agreement on selling its block of Nizhnekamskneftekhim's stock (402.8 million of ordinary shares) to TAIF holding company. The transaction price amounted to nearly RUB 32 billion.
On December 26, it became known that Tatneft ceased to be a shareholder of Nizhnekamskneftekhim.
At the end of March 2016, Tatneft got 24.99% of Nizhnekamskneftekhim's shares for RUB 20 bln. In November 2016, the Federal Antimonopoly Service (FAS) approved the request of Tatneft for the acquisition of 1.8076% of Nizhnekamskneftekhim's voting shares.
TAIF Group is one of the major diversified holdings in Russia. The Group consisting of 54 companies operates in the following business areas: investment and financial services, construction and production of construction materials, integrated and other services, while the main business area is oil and gas refining, chemistry, petrochemicals and energy. The holding assets include TAIF-NK PSC, Nizhnekamskneftekhim PJSC, Kazanorgsintez PJSC, and TGK-16 OJSC.